USD/JPY analysis for December 22, 2017


Recently, the USD/JPY pair has been trading sideways at the price of 113.37. According to the 30M time – frame, I found an upward breakout of intraday sideways base, which is a sign that selling looks risky. I also found a hidden bullish diverrgence on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upawrd targets are set at the price of 113.57 (pivot resistance 1) and at the price of 131.80 (pivot resistance 2).

Resistance levels:

R1: 113.57

R2: 131.80

R3: 114.00

Support levels:

S1: 113.13

S2: 112.95

S3: 112.69

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -